REPORT OF THE STAFFS OF THE CFTCAND SEC TO THE JOINT ADVISORYCOMMITTEE ON EMERGINGREGULATORY ISSUESSEPTEMBER 30, 2010

This is a report of the findings by the staffs of the U.S. Commodity Futures TradingCommission and the U.S. Securities and Exchange Commission. The Commissions haveexpressed no view regarding the analysis, findings or conclusions contained herein.

This report presents findings of the staffs of the Commodity Futures Trading Commission(“CFTC”) and the Securities and Exchange Commission (“SEC” and collectively, the“Commissions”) to the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues(the “Committee”) regarding the market events of May 6, 2010.

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This report builds upon the initial analyses of May 6 performed by the staffs of theCommissions and released in the May 18, 2010, public report entitled

Preliminary Findings Regarding the Market Events of May 6, 2010 – Report of the Staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues

(the “Preliminary Report”).

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Readers areencouraged to review the Preliminary Report for important background discussions andanalyses that are referenced but not repeated herein.

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This report is being provided on request to the U.S. Senate Committee on Banking, Housing, and UrbanAffairs, U.S. Senate Committee on Agriculture, Nutrition and Forestry, and the House Committee onFinancial Services. The Committees specifically requested that the report include information relating to thebusiness transactions or market positions of any person that is necessary for a complete and accuratedescription of the May 6 crash and its causes. Pursuant to these requests and section 8(e) of the CommodityExchange Act, this report contains certain information regarding business transactions and positions of individual persons.